Spanish Version is here:
• 2003 The criminal allegations
• 2004 Bank of America haunting him with absurd covenants. While research for new refinancing started promptly, too many people were involved proposing any kind of trick. Stabler talked with Branca and Koppelman and Fortress out of no where purchased his loan from Bank of America.
• 2005 The loan’s matured. Fortress granting 3 extensions too short and too expensive (3 million each time) not giving the suitable time to put in place new refinancing documentation. Branca filed a UCC1 on MJ Trusts.
• 2006: Five banks answered Michael Jackson bid for refinancing however Fortress, which was not even a bank but hedging fund, “found” foreign currency to finance MJ debt and keept him tied with another over collaterized investment, where all his assets were pledged again. Branca payment meant another pledge over Neverland. Branca liens still delays the loans disbursement to the extent that Bank of America almost open the liquidation procedure. Once Branca is finally paid off, it jumps out another potential impediment with the Prescient lawsuit.
ALL THIS WHILE MICHAEL JACKSON WAS SPENDING HIS DAYS BEFORE A JURY THAT HAD TO DECIDE HOW HE WOULD HAVE PASS THE NEXT 30 YEARS OF HIS LIFE IF HE WAS FOUND GUILTY.
Some entity behind the scene created these events to make him has fail. And he knew, he told us!
Before we go any further with the odyssey of the Michael Jackson refinancing of Bank of America it must be clear that MJ wanted to have the 100% shares of Sony/ATV all for himself. In fact the only document he signed personally through this whole ugly Prescient story, is a non binding letter for the study and the evaluation of the acquisition of Sony’s 50% shares in Sony/ATV.
If you have read the first part of the blog, http://marcoballetta.com/going-back-to-the-root-of-michael-jackson-financial-problems/ you already realized that Stabler contacted anyone whom potentially could have given him a hefty percentage. Darien Dash, owner of Prescient, connected with Transitional, a company affiliated to Fortress and in December 2004 they submitted a refinancing project which included the acquisition of 50% shares of Sony Corp in Sony/ATV. In fact with the tenth anniversary of company incorporation an article of the operating agreement of the company included a buy/sell provision. Both members were subject to the buy/sell agreement.
More details here :
There were many reasons why MJ wanted to purchase and get rid of Sony as business partner also with Sony ATV and Transitional presentation explain them clearly.